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House of Reps to conduct petrol subsidy audit to recover $20 billion

The Nigerian House of Representatives will conduct a comprehensive audit of petrol subsidy to recover $20 billion. This is according to Honorable Ikeagwuonu Ugochinyere, the Chairman, the House Committee on Petroleum Resources (Downstream).

He made the announcement on Friday, November 3.

According to him, the committee will focus on objectives that could help the federal government to recover revenues in the oil sector. He said:

Hon Ugochinyere also highlighted the following goals of the committee on Petroleum Resources (Downstream):

What you should know: President Bola Ahmed Tinubu officially announced the end of petrol subsidy during his inauguration on May 29, 2023.

Note that in February 2023, prior to the petrol subsidy removal, the Nigerian National Petroleum Company Limited said it was paying up to N400 billion monthly for petrol subsidy and this was draining the company’s resources.

In February 2023, Mele Kyari, the Group Chief Executive Officer of the NNPCL had said: